Cost - adjusting order/quote engine

ABSTRACT

Methods and systems are provided that include an order and/or quote engine that automatically adjusts bid, ask, or any other type of order prices to reflect some or all of the costs associated with a trade in an underlying item between a particular party receiving the order or orders accounting for specific costs associated with the party receiving the orders and in certain instances specific costs between the party receiving the order and the party submitting the order.

CROSS-REFERENCE TO RELATED APPLICATION

The present application claims priority to U.S. Provisional PatentApplication No. 60/972,594, filed Sep. 14, 2007, which is herebyincorporated herein by reference.

BACKGROUND

Agency commissions are generally charged by and rebates are generallypaid by an agent to the buyer and/or the seller in a tradingtransaction, with the commission and/or rebate based on anywhere fromsimple to complex rate formulas. Similarly, transaction fees and rebatesrelated to a trading transaction are often charged or paid to the agentfacilitating the trade, with the fee and/or rebate based similarlyanywhere from simple to complex rate formulas. Ordinarily, two (2)different buys/sells at the same price on the same potential tradingtransaction are only equivalent if they have the same overall agencycommissions, rebates and/or transaction fees, rebates (hereinaftergenerally referred to as costs) but will differ in terms of the overallvalue if the agency costs are different. Accordingly, there is a needfor a methods and systems for comparing multiple orders and/or quotesfor items in a manner that accounts for these different costs.

SUMMARY OF THE INVENTION

In this respect, the present application generally provides methods andsystems that incorporate an order and/or quote engine that automaticallyadjusts bid, ask, or any other type of order prices to reflect some orall of the costs associated with a trade in an underlying item between aparticular party receiving the order or orders and a particularcounter-party or parities submitting the order or orders. That is, thequote engine may determine the unit price of the order item accountingfor any applicable cost associated with the transaction, such as agencycommissions charged or rebates paid to counterparties, or transactionfees or rebates involved in the trade, thereby normalizing theindividual price of the item being traded. The normalized order ororders may thereafter be displayed in a market display or otherwisecommunicated to the party receiving the information in a manner thatincludes the depth and the resulting Best Bid/Best Offer (BBO), e.g.,IBBO (internal BBO), account for some or all of these costs.

In at least one embodiment, a system is provided that comprises aprocessor and memory, the memory having software associated therewiththat when executed causes the processor to perform a method comprising:receiving a request for market data on an item from a computing deviceassociated with a first user; receiving a request for market data on theitem from a computing device associated with a second user; retrievingmarket data for the item, the market data comprising a price associatedwith an order for the item; retrieving user specific cost dataassociated with each of the first and second users; determining anormalized price for the order for each of the first and second usersbased on the respective user specific cost data associated with each ofthe first and second users; causing an interface screen to be displayedat the first and second user computing devices, the interface screendisplayed for the first user comprising the normalized price for thefirst user and the interface screen displayed for the second usercomprising the normalized price for the second user, wherein thenormalized price for the first user differs from the normalized pricefor the second user.

In at least one embodiment, the cost data for each of the first andsecond users comprises at least one commission formula.

In at least one embodiment, the cost data for at least one of the firstand second users comprises a fee formula.

In at least one embodiment, the cost data comprises at least one rebateformula.

In at least one embodiment, the market data comprises a price for eachof a plurality of orders for the item, the method further comprisingdetermining a normalized price for each of the orders for each of thefirst and second users, and wherein the interface screen displayed forthe first user comprises a listing of the orders sorted by normalizedprice and the interface screen displayed for the second user comprisinga listing of the orders sorted by normalized price, wherein the sortingfor the first user differs from the sorting for the second user.

In at least one embodiment, the method further comprises refreshing andresorting the interface screen to reflect real time changes in themarket data for the item.

In at least one embodiment, the interface screen comprises at least oneelement therein for a user to alternatively resort the orders based onthe non-normalized price and the normalized price.

In at least one embodiment, the market data is displayed in a grid inthe interface screen, the grid comprising a cell for the normalizedprice, the non-normalized price, and a size of each of the plurality oforders.

BRIEF DESCRIPTION OF THE FIGURES

FIG. 1 depicts a system according to at least one embodiment of thesystems disclosed herein; and

FIGS. 2-5 depict various interface screens for use in at least in one ofthe embodiments of the methods and systems disclosed herein.

DETAILED DESCRIPTION OF THE INVENTION

Referring to FIG. 1, a system 100 according to at least one embodimentof the systems disclosed herein includes at least one computing device,such as a remote computer 106, 108, e.g., a server computer, a clientcomputer 102, 104, or a combination thereof. The term remote in thiscontext merely means that the remote computer 106, 108 and at least oneof the client computers 102, 104 are separate devices. Thus, the devicesmay be remote even if they are located within the same room. In at leastone embodiment, the system includes at least one remote computer 106,108 that is connected over a communication network 110 to one or aplurality of client computers 102, 104. One or more of the internalclient computers 102, 104 may be connected to the remote computer 106,108 through a firewall.

The system 100 may be implemented over any type of communicationsnetwork 110, such as a local area network (LAN), a wide area network(WAN), the Internet, a telephone network (POTS), a wireless network,including cellular, WiFi, and WiMax networks, or a combination of wiredand/or wireless networks. In certain instances, the communicationsnetwork 110 may be independent of the Internet or limited with respectto the type of the information transmitted over the Internet, such as toinformation that poses little or no security risk if misappropriated orthat has been encrypted.

In the networked embodiment, client computer(s) 102, 104 are preferablyconfigured or otherwise capable of transmitting and/or receivingcommunications to and/or from the remote computer(s) 106, 108. This maybe accomplished with a communication element, such as a modem, anEthernet interface, a transmitter/receiver, etc., that enablescommunication with a similarly equipped remote computer(s) 106, 108wirelessly, wired, or a combination thereof. It is understood that therelative functionality described herein may be provided by the exchangecomputer(s) 106, 108, by the client computer(s) 102, 104, or both, andis thus not limited to any particular one of the implementationsdiscussed herein. In at least one embodiment, the client computer(s)102, 104 will generally provide the front-end functionality and theremote computer(s) 106, 108 will provide the back-end functionality. Inat least one embodiment, at least two sets of client and remotecomputers are provided, e.g., internal client and server/exchangecomputers (102, 106, respectively) and external client andserver/exchange computers (104, 108, respectively).

The term internal and external generally denote belonging to one of twogroups. One belongs to an internal group if one or more criteria aresatisfied that define the internal group. One belongs to the externalgroup if the one or more criteria are not satisfied. Various types ofcriteria may define the internal group, including memberships oraffiliations. Grouping may also be hardware specific as well asindividual specific. For instance, the internal group may include someor all employees of a company, members of an organization, or members ofany other collective. Similarly, the internal group may include allindividuals authorized to access the functionality of the system 100 asdescribed herein. For example, the internal group may include all equityderivative traders of a company or equity derivative traders thatsubscribe to the trading services provided by the company. Alternativelyor additionally, the internal group may include all equity derivativetraders authorized to access the backend functionality provided by theinternal server computer 106.

Although various embodiments may be described herein in relation tocertain types of financial instruments, such as agencies or equityderivatives, it is understood that the methods and systems disclosedherein are equally applicable to other types of financial instruments aswell as non-financial instrument items, consumer and industrial goods,such as automobiles, services, e.g., mortgage or other loan services,etc., and is thus not limited thereto. The term “financial instrument”denotes any instrument, issued by a corporation, government, or anyother entity, that evinces dept or equity, and any derivative thereof,including stocks, bonds, debentures, certificates of interest ordeposit, warrants, options, futures, forwards, swaps, or generally anysecurity. The methods and systems disclosed herein may be used, forexample, in a gaming environment for finding opposing parties orteammates for game play in various networked or non-networked casino andnon-casino type games.

The computing device, e.g., the client computers 102, 104 and/or theremote computers 106, 108, generally include at least one processor, anda memory, such as ROM, RAM, FLASH, etc., or any computer readablemedium, such as a hard drive, a flash-drive, an optical or magneticdisk, etc. The memory or computer readable medium preferably includessoftware stored thereon that when executed performs one or more steps ofthe methods disclosed herein, including communicating data and commandsback and forth between the computers, displaying interface screens, etc.The computers may also be associated with or have access to one or moredatabases 114, 116 for retrieving and/or storing the various types ofdata discussed herein, including identity verification data, such as anID and password, biometric data, etc., internal and/or externaltrade/order and market data, account data, communication preferences,templates, cost data, such as commissions, rebates, fees, userpreferences, etc. The cost data may be defined as formulas that takeinto account, e.g., the size of the order or any other order term. Thecost data may also be user and/or counterparty specific. That is, thecommission between a user and a counterparty may differ from anotheruser and the counterparty. In this instance, the specific commission orother cost data applicable to each party and/or counterparty may bestored in the database or databases 114, 116 for each user/counterparty.The cost data may also be stored locally at each client device 102, 104.

The client computers 102, 104 may include, without limitation, a mobilephone, PDA, pocket PC, personal computer, as well as any special orother general purpose computing device. As such, the client computer102, 104 preferably includes a processor, a memory, a display, such as aCRT or an LCD monitor, for displaying information and/or graphicsassociated with the functionality provided by the system 100, and atleast one input device, such as a mouse, a touch-sensitive pad, apointer, a stylus, a trackball, a button or a plurality of buttons,e.g., alphanumeric, a scroll wheel, a touch-sensitive monitor, etc., ora combination thereof, for users to enter commands and/or informationrelevant to the system's functionality. With the general purpose type ofclient computer 102, 104, such as the PC or PDA, users may access thefunctionality provided by the system 100 with a browser application orany other generic application, or with special purpose software designedspecifically for accessing the functionality disclosed herein.

In at least one embodiment, the client computer 102, 104 includes or isotherwise associated with at least one biometric sensor 118. Thebiometric sensor 118 is any device that is used to determine directlyfrom the user at least one item of biometric data associated with auser, such as a fingerprint reader, an iris scanner, a retinal scanner,a vascular pattern reader, a facial recognition camera, etc. Thebiometric sensor 118 may be embodied in hardware, software, or acombination thereof. The biometric sensor 118 may further shareresources with other components of the client computer 102, 104, such asthe processor, memory, a camera, a microphone, a speaker, etc. A singlebiometric sensor 118 may be used for reading more than one type ofbiometric data. For example, a digital camera may be used to obtain animage of the user's eye for iris scanning and an image of the user'sface for facial recognition. In this instance, a single image capture ofthe user's face may provide the data for facial recognition as well asdata for iris or retinal comparisons.

The biometric data is generally obtained with the biometric sensor 118and used at least to authenticate the identity of the user as a gatewayfor allowing the user to access the system's functionality. In thisregard, biometric data may be compared with previously obtained/storedbiometric data that has preferably been verified as being associatedwith a particular user and access to the system's functionality may beprovided based on a positive match thereof.

In at least one embodiment, the system 100 provides functions relevantto trading financial instruments or other items in one or a plurality ofexchanges, such as an internal exchange, e.g., an over the counter (OTC)exchange, and an external exchange, e.g., a public exchange, an external(OTC) exchange, an electronic communication network (ECN), etc. Anexchange generally includes or otherwise supports at least one or aplurality of markets. In this respect, the system 100 allows users, suchas traders, brokers, dealers, customers, market makers, etc., to accessmarket data and submit orders to one or more exchanges, e.g., theinternal and/or the external exchange, using at least one clientcomputer 102, 104. The term orders as used herein includes actualorders, such as bids, offers, buys, sells, requests for quotes (RFQs),quotes, etc., and indications of interest (IOIs), etc. It is understoodthat a user may be acting in a principal or agency capacity. Therefore,the acts disclosed herein as being performed by a user, include acts ofthe principle and acts of the agent. For example, when referring to auser submitting an IOI, this includes a broker submitting an IOI for acustomer as well as the customer submitting the IOI on his own behalf.

An indication of interest (IOI) includes any expression indicating thatthe submitting party or a customer thereof is interested in an item,which generally includes any communication relating to a traded itemthat is not a quote, a buy, sell, bid, or offer. An IOI thereforespecifies at least one trading variable, such as the item name orsymbol, whether a buy side or sell interest, the size of the interest,the price, etc. IOIs differ from actual orders in that the IOI ismissing at least one of the trading variables. For example, an IOI mayspecify an item name, symbol, or description, e.g., IBM. In thisinstance, the IOI indicates broadly that a user is interested in IBMwithout any indication whether the user is interested in buying orselling, the price, or the size of the interest. The IOI does not needto identify any specific item. Rather, the IOI may identify items bytype or any other common data item between the items. For example, auser may submit an IOI that indicates an interest to buy or sellderivatives on large cap underlyiers.

In at least one embodiment, the system 100 generally receives orders(internal and/or external) and stores the orders in one or moredatabases. The system 100 may also receive and store external datarelated to orders, such as news regarding trading activity forparticular items. The system 100 may group orders for particular items,e.g., financial instruments, to create a market for each item thatincludes at least one order for the item. The system may also cause aninterface screen to be displayed, such as the market display screenshown in FIG. 2, e.g. at the client computer 102, with the relevantmarket data included therein. The market for each item may be managed orworked by users on a manual, a semi-automatic, or an automated exchange.That is, orders may be executed with the system, either automaticallyand/or manually.

Data from the orders received by the system 100 generally provide atleast a portion of the information used herein. Various types of datamay be maintained in this respect, such as the item name and/or symbol,size, price, execution date and/or time, posting date and/or time,buyer/seller name and/or identification number, account numbers, ordertype, etc. In at least one embodiment, the system maintains for eachuser, e.g., trader, dealer, broker, etc., a record in at least onedatabase that includes at least one of: the user name, contactinformation, a user ID, e.g., a dealer or trader ID, an internal deskID, and one or more communications addresses, e.g., voice, fax, e-mail,instant message (IM), financial information eXchange (FIX) protocol,execution management system (EMS), associations with other users,traders, and/or customers, cost data, etc. With regard to cost data, oneor more database may be maintained that includes user and/orcounterparty specific cost formulas therein. The costs themselves may bespecific between particular users and counterparties, and between groupsof users and counterparties. For example, orders between a useraffiliated with ABC group and a particular counterparty may paycommissions based on a first fee formula and orders between a useraffiliated with DEF group and the particular counterparty may paycommissions based on a second fee formula. Commissions may similarly bedifferent between subgroups within the group. In these instances, usersmay be associated with one or more groups, and fees may be associatedwith the group. Commissions may also be different based on trade data.For example, trades associated with certain types of items may besubject to a fee formula different than other types of items ordifferent order sizes or types. Fee data may be maintained in thisrespect for the system 100 to determine the applicable fee structure forthe order. Simple to complex formulas for calculating agencycommissions/rebates and/or transaction fees/rebates may use volume ornotional value (volume×price) as the primary factor, and the calculationfor the adjustment to the bid and/or ask may include the volume ornotional value of the bid and/or ask for any give order/quote/price. Incertain embodiments, the costs and/or the normalized prices may reflectany applicable tax or tax savings.

Individual user sessions for access to the relevant functionality of thesystem 100 may begin with a user logging into the system. That is, auser may login to place one or more orders for execution, view orotherwise access market data for one or more items. Login generallyentails receiving identification information from the user, such as alogin ID, password, biometric data, etc., and verifying therewith thatthe user is authorized to access the relevant functionality of thesystem 100.

In at least one embodiment, the system 100, in response to a request ora query for market data for a particular item causes an interface screento be displayed, such as the interface screens shown in FIG. 2, whichincludes therein at least one item of normalized market data therein.That is, for all or at least one order/quote in a market, the system 100determines the applicable cost and calculates the price for theorder/quote accounting for the applicable cost, e.g., agencycommission-/rebate-adjusted and/or transaction fee-/rebate adjusted bidand/or ask by calculating the agency commission/rebate and/or fee, or acombination thereof, which will generally entail adding to orsubtracting the computed cost from the price for the item. In instanceswhere the cost is computed based on the overall price of thetransaction, the expected overall price may be divided by the size ofthe order to determine the applicable cost per item, which may then beadded to or subtracted from the price of the item. The applicable costdata may be maintained based on either a manual entry of, e.g., theagency commission/rebate and/or transaction fee/rebate or a simple tocomplex formula of the agency commission/rebate and/or transactionfee/rebate.

In at least one embodiment, the interface screen includes the normalizedorder therein relative to the normalized BBO for the item. That is, someor preferably all of the orders making up the market for the item may becompiled, normalized, and the (normalized) BBO may be determinedtherefrom e.g., from agency commission-/rebate-adjusted and/ortransaction fee-/rebate-adjusted bids/asks. The normalized orders arepreferably sorted in a logical order from the BBO, e.g., in anascending, descending, etc. order. In this respect,counterparties/buyers/sellers viewing or otherwise receiving thenormalized market data may evaluate the prices after being agencycommission-/rebate-adjusted allowing them to make the best trade interms of the overall price of the transaction. Whereas without thenormalized market display, the best base price might appear to be thebest trade, but a relatively high agency commission/low agency rebateassociated with the order may result in the order being inferior inrelation to other orders with a higher base price and a relatively lowagency commission/high agency rebate. Similarly,agents/dealers/brokers/traders may evaluate the prices after beingtransaction fee-/rebate-adjusted allowing them to make the best trade.The best base price might appear on its face to result in the besttrade, but a relatively high transaction fee/low transaction rebateassociated with the order cause the order to be inferior in terms of theoverall price of the transaction not to be preferable to an order withan inferior base price and a relatively low transaction fee/hightransaction rebate. Agency commission/rebate and transaction fee/rebateadjustments may be combined in those instances where thecounterparties/buyers/sellers pay for both in a trading transaction.

In at least one embodiment, the market display is updated to reflectchanges in the market price of the item, preferably in real time, e.g.,as new orders enter the system 100. Alternatively, the system may berefreshed manually, e.g., on demand with a selection of a button orother element that when selected causes the data to be refreshed. Inthis instance, as new orders for the items are received by the system100, the system 100 preferably normalizes the newly received order andupdates the interface screen accordingly. For example, if the new orderis better than the BBO, then the BBO is replaced in the interface withthe new normalized order and the previous BBO and other orders aredisplayed relative to the new BBO. In instances the new order does notbeat the BBO, the new order displaces orders that are bested in terms ofprice in the market display. For example, orders that are beaten may bedisplayed farther away from the BBO when displaced by the new order.

The normalized orders, e.g., the adjusted orders/quotes may be displayedin any of a number of ways. For example, the orders may optionally bedisplayed with various formatting and highlighting (e.g., color-coded)associated with their adjustment types. For instance, orders that arenormalized may be displayed as bold, as shown in FIG. 2, or in a certaincolors whereas orders that are not normalized may be displayed in normaltype, as shown in FIG. 2, or a difference color, respectively.Alternatively or additionally, the normalized and the base price mayboth be displayed for particular orders. For example, both prices may beshown in a single cell with one price disposed in one area of a cell andthe base price in another area. For example, an order with a 100 baseprice and a 99.98 normalized price may be displayed as 99.98/100 asshown in FIG. 2. Adjusted orders/quotes may also be displayedside-by-side or comparatively with unadjusted orders/quotes (directlyinline, as a popup that appears over the quote with a mouse over, or ona secondary screen).

The interface screen may also include a button or other element thatwhen selected causes the normalized prices to be replaced with the baseprice and the order, and preferably the BBO may be adjusted/sortedaccordingly. For example, the 99.98/100 normalized/base positioning maybe flipped to a base/normalized price of 100/99.98, as shown in FIG. 3.Side-by-side, inline, popups, and secondary screens may similarly beflipped and resorted accordingly where applicable (compare FIG. 3 toFIG. 4). In some embodiments, the sorting may remain constant, e.g.,based on the normalized price, even though the reverse display has beenenabled. Thus, although the base price may be shown primarily, the sortmay be based on the normalized price, as shown in FIG. 4. As a result,in certain instances, the orders in the market display may appear to beunsorted.

In at least one embodiment, users are able to select or otherwise acceptan order being displayed. In this instance, the system 100 receives theacceptance and applies the base price of the order to the transaction.The system 100 may also match orders with counter orders. In thisinstance, the match may be based on matching base prices, normalizedprices, and/or overall transaction prices. The base price of the ordersmay similarly be applied to the executed transaction. The users andcounterparty accounts may thereafter be updated to reflect the ordersexecuted against the accounts. The steps discussed herein may berepeated in whole or in part.

Therefore, in certain embodiments, when an agent/dealer/broker/traderenters orders and works markets or a counterparty/buyer/seller evaluatesprices, they can choose to enter or have calculated agencycommissions/rebates and/or transaction fees/rebates for a specificorder/quote in a market that differs from the rest in the otherorders/quotes in that market and then have the agencycommission-/rebate-adjusted and/or transaction fee-/rebate-adjustedbid/ask calculated so that it can be represented alongside the otherorders/quotes in a normalized manner. Once the buys and sells areadjusted with agency commissions/rebates and/or transactionfees/rebates, the trading prices can be compared with the variableagency commissions/rebates and transaction fees/rebates for thepotential trade factored in before the trade is actually made. The morefragmented or highly quoted a market, the greater the likelihood ofvariability in agency commissions/rebates and/or transactionfees/rebates, and a as a result the greater the value of normalizing thepricing in that market to adequately compare true pricing of a potentialtrade to aid in determining the best trade to make.

While the foregoing invention has been described in some detail forpurposes of clarity and understanding, it will be appreciated by oneskilled in the art, from a reading of the disclosure, that variouschanges in form and detail can be made without departing from the truescope of the invention.

1. A system comprising a processor and memory, the memory havingsoftware associated therewith that when executed causes the processor toperform a method comprising: receiving a request for market data on anitem from a computing device associated with a first user; receiving arequest for market data on the item from a computing device associatedwith a second user; retrieving market data for the item, the market datacomprising a price associated with an order for the item; retrievinguser specific cost data associated with each of the first and secondusers; determining a normalized price for the order for each of thefirst and second users based on the respective user specific cost dataassociated with each of the first and second users; causing an interfacescreen to be displayed at the first and second user computing devices,the interface screen displayed for the first user comprising thenormalized price for the first user and the interface screen displayedfor the second user comprising the normalized price for the second user,wherein the normalized price for the first user differs from thenormalized price for the second user.
 2. The system of claim 1, whereinthe cost data for each of the first and second users comprises at leastone commission formula.
 3. The system of claim 1, wherein the cost datafor at least one of the first and second users comprises a fee formula.4. The system of claim 1, wherein the cost data comprises at least onerebate formula.
 5. The system of claim 1, wherein the market datacomprises a price for each of a plurality of orders for the item, themethod further comprising determining a normalized price for each of theorders for each of the first and second users, and wherein the interfacescreen displayed for the first user comprises a listing of the orderssorted by normalized price and the interface screen displayed for thesecond user comprising a listing of the orders sorted by normalizedprice, wherein the sorting for the first user differs from the sortingfor the second user.
 6. The system of claim 5, the method furthercomprising refreshing and resorting the interface screen to reflect realtime changes in the market data for the item.
 7. The system of claim 5,wherein the interface screen comprises at least one element therein fora user to alternatively resort the orders based on the non-normalizedprice and the normalized price.
 8. The system of claim 5, wherein themarket data is displayed in a grid in the interface screen, the gridcomprising a cell for the normalized price, the non-normalized price,and a size of each of the plurality of orders.
 9. The system of claim 1,wherein the user specific cost data associated with the first user isspecific to the first user and a party submitting the order.
 10. Amethod comprising: receiving a request for market data on an item from acomputing device associated with a first user; receiving a request formarket data on the item from a computing device associated with a seconduser; retrieving market data for the item, the market data comprising aprice associated with an order for the item; retrieving user specificcost data associated with each of the first and second users;determining a normalized price for the order for each of the first andsecond users based on the respective user specific cost data associatedwith each of the first and second users; causing an interface screen tobe displayed at the first and second user computing devices, theinterface screen displayed for the first user comprising the normalizedprice for the first user and the interface screen displayed for thesecond user comprising the normalized price for the second user, whereinthe normalized price for the first user differs from the normalizedprice for the second user.
 11. The method of claim 10, wherein the costdata for each of the first and second users comprises at least onecommission formula.
 12. The method of claim 10, wherein the cost datafor at least one of the first and second users comprises a fee formula.13. The method of claim 10, wherein the cost data comprises at least onerebate formula.
 14. The method of claim 10, wherein the market datacomprises a price for each of a plurality of orders for the item, themethod further comprising determining a normalized price for each of theorders for each of the first and second users, and wherein the interfacescreen displayed for the first user comprises a listing of the orderssorted by normalized price and the interface screen displayed for thesecond user comprising a listing of the orders sorted by normalizedprice, wherein the sorting for the first user differs from the sortingfor the second user.
 15. The method of claim 14, comprising refreshingand resorting the interface screen to reflect real time changes in themarket data for the item.
 16. The method of claim 14, wherein theinterface screen comprises at least one element therein for a user toalternatively resort the orders based on the non-normalized price andthe normalized price.
 17. The method of claim 14, wherein the marketdata is displayed in a grid in the interface screen, the grid comprisinga cell for the normalized price, the non-normalized price, and a size ofeach of the plurality of orders.
 18. The method of claim 10, wherein theuser specific cost data associated with the first user is specific tothe first user and a party submitting the order.